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to buy a condo in fort green/park slope/prospect heights?

Started by plec
almost 17 years ago
Posts: 3
Member since: Oct 2009
Discussion about
Hello, I'm new to this and your thoughts/comments are appreciated. Thinking of buying a 1BR condo in fort green/park slope/prospect heights or even williamsburg... I have about 130k cash, and 20k in 401k, currently unemployed by choice. Is it realistic to find something around 400k in good brooklyn neighborhood? I was thinking to put all my cash down as downpayment+closing costs, then my parents living abroad will help pay for monthly mortgage until I find a new job... any thoughts?
Response by columbiacounty
almost 17 years ago
Posts: 12708
Member since: Jan 2009

perhaps...get a job?

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Response by plec
almost 17 years ago
Posts: 3
Member since: Oct 2009

are you saying most won't sell me anything unless I am employed?

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Response by evnyc
almost 17 years ago
Posts: 1844
Member since: Aug 2008

I doubt this situation would be acceptable to coops, or to banks if you need a mortgage. Perhaps you could get a mortgage without a job during the bubble, but things are much tougher these days. It sounds like you would need to ask your parents to buy for you.

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Response by plec
almost 17 years ago
Posts: 3
Member since: Oct 2009

Thanks for the comments... I suppose I should wait on buying until I get a job first... feels like this is such a good time to buy and cash is just lying around at the moment....

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Response by evnyc
almost 17 years ago
Posts: 1844
Member since: Aug 2008

You should buy when it makes financial sense for you. It doesn't sound like you're there yet.

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Response by columbiacounty
almost 17 years ago
Posts: 12708
Member since: Jan 2009

always good to get a job.

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Response by Sunday
almost 17 years ago
Posts: 1607
Member since: Sep 2009

It's not a good sign the fact that you mentioned your 401k. I guess it's ok if your inheritance will cover your retirement.

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